IB Business and Management Business Organisation and Environment 1

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IB Business and Management .com IB Business and Management T he IB Diploma Business and Management course delivered IN STYLE , ONLINE . ©

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z External environment 1.5

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External factors are those issues which either restrict or aid the performance but are beyond its control z Organizational structure Factors that affect all businesses in the economy p olitical e conomic s ocial t echnological

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z P olitical P.E.S.T.

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z e conomic P.E.S.T.

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z s ocial P.E.S.T.

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z t echnological P.E.S.T.

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z p.E.s.t analysis

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z Evaluate the impact on a firm’s objectives & strategy of a change in any of the p.e.s.t. factors Objective : increased market share Strategies : Expanding into overseas markets Change in an e conomic factor: business : rental car firm Low € means it’s cheaper to acquire other car rental firms Firms generally undervalued in time of crisis Action : purchase promising french & spanish rental car companies as soon as possible , rather than establishing own brand from scratch

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z Evaluate the impact on a firm’s objectives & strategy of a change in any of the p.e.s.t. factors Objective : better corporate image Strategies : Divest coal-fired plants & invest in renewable energy sources Change in an P olitical factor: business : power generation company Subsidy means it’s cheaper to build & supply solar electricity Relatively more expensive now to supply wind generated electricity Action : sell additional coal-fired plants to finance construction of new solar plants a.s.a.p.

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z 3 general steps to carry out a p.e.s.t analysis Brainstorm external factors likely to affect the business under each of the P.e.s.t. headings 1 Discuss which factors are likely to have most impact & therefor strategise (devote time & resources to research & gather data/info) 2 Summarize the info in a p.e.s.t. template to further the development of business strategy 3

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